Serve Robotics (NASDAQ:SERV) Stock Price Down 13.5% - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) fell 13.5% during trading on Monday . The stock traded as low as $15.55 and last traded at $16.21. 7,318,302 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 15,913,946 shares. The stock had previously closed at $18.74.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Northland Securities initiated coverage on shares of Serve Robotics in a report on Friday, October 18th. They set an "outperform" rating and a $16.00 price objective on the stock. LADENBURG THALM/SH SH began coverage on Serve Robotics in a report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective on the stock. Northland Capmk raised Serve Robotics to a "strong-buy" rating in a report on Friday, October 18th. Finally, Seaport Res Ptn upgraded Serve Robotics to a "strong-buy" rating in a research report on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Serve Robotics has an average rating of "Strong Buy" and an average target price of $16.00.

Serve Robotics Stock Performance

The stock has a 50 day simple moving average of $12.27 and a two-hundred day simple moving average of $9.97.

Insider Activity

In related news, Director James Buckly Jordan sold 64,408 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the sale, the director now directly owns 449,052 shares of the company's stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ali Kashani sold 2,500 shares of Serve Robotics stock in a transaction on Monday, December 9th. The shares were sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the transaction, the chief executive officer now owns 3,344,498 shares of the company's stock, valued at approximately $45,217,612.96. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SERV. Larson Financial Group LLC purchased a new position in Serve Robotics in the third quarter valued at approximately $26,000. Bfsg LLC purchased a new position in shares of Serve Robotics in the 3rd quarter valued at $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics during the 3rd quarter worth $68,000. Quantum Private Wealth LLC purchased a new stake in Serve Robotics in the third quarter valued at $80,000. Finally, PFG Investments LLC acquired a new position in Serve Robotics in the second quarter valued at $110,000.

About Serve Robotics

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.